BMI Bank pays off $80m loan 6 months early

Manama, August 20, 2013

BMI Bank, a Bahraini retail and commercial banking institution, announced that it had successfully repaid its three-year syndicated term loan of $80 million, six months ahead of its scheduled due date.

The three-year oversubscribed facility was signed in February 2011 and arranged by Bank Muscat with Bank of Bahrain and Kuwait (BBK) Standard Chartered Bank and Arab Banking Corporation (ABC) as participants.

Jamal Al-Hazeem, chief executive officer of BMI said: “Repaying this $80 million syndicated term loan facility six months before the scheduled due date, without the need to refinance or rollover, once again reinforces our position and enhances our reputation as a strong local retail Bank with excellent liquidity and a strong capital adequacy ratio (CAR) at over 17 per cent.”

“We recently announced a net profit of $1.4 million for the first half of 2013, representing our eighth straight quarter of profitability demonstrating the effectiveness of our strategy which drives the business lines and service channels at our bank.

“We will continue with our positive growth momentum through investment in our products and services to better serve our customers as we continue with the transformation of our business into a stronger one backed by our excellent capital position and strong liquidity,” he added. – TradeArabia News Service